By MarketsFarm
WINNIPEG, March 14 (MarketsFarm) – The Canadian dollar continued to recoup recently lost strength on Tuesday morning, despite a tiny uptick in the United States dollar and declines in crude oil prices.
As of 8:31 am CDT, the loonie was at US$0.7309 or C$1.3678, compared to Monday’s close of US$0.7283 or US$1=C$1.3730. On the U.S. Dollar Index, the greenback added 0.107 of a point at 103.295.
Benchmark crude oil prices were lower on Tuesday morning, after OPEC forecast a modest surplus for the second quarter of 2023. The cartel said it’s producing approximately 28.9 million barrels of oil per day, about 300,000 more than estimated demand.
Brent crude oil gave up US$1.74 at US$79.03 per barrel and West Texas Intermediate (WTI) lost US$1.91 at US$72.89. Western Canadian Select (WCS) was down US$1.14 at US$56.24.
Statistics Canada reported that January manufacturing sales were C$73.9 billion, up 4.1 per cent from December following increases in 16 of the 21 industries tracked.
Shortly after Tuesday’s open the TSX/S&P Composite Index was up 152.45 points at 19,741.35.
Gold was down US$3.00 at US$1,913.50 per ounce.
